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Old 10-04-2012, 06:37 PM   #1
happysmileylady
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Join Date: Apr 2011
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Tax withholding question

I asked this on a different board I am on and am wondering what others here think.

DH and I are pretty sure we have met our federal income tax liability for the year. Like 95% sure. We could really use more money coming in, so we want to decrease how much is coming out of our paycheck for federal withholding.

We changed our exemptions to 10, and today we got the first stub with the change in effect. It did decrease how much was withheld for federal income tax but not quite as much as we expected. But we were close, within like $5 or $6.

But as I was looking it over, the "Additional Withholdings" section caught my attention and got me thinking...

Could we change our exemptions to something really high, like 18, that would make our withholdings zero, but then, put a specific amount under withholdings, so that all that comes out is exactly the amount we dictate? Like, are the withholdings that come out under the "additional withholdings" category treated any differently or anything?
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